One Madison Avenue Refinanced by SL Green Realty — Real Estate M&A

SL Green Realty, the New York City-focused office REIT, secured a $1.65 billion refinancing for One Madison Avenue, a historic 1.4 million-square-foot mixed-use office building in Manhattan between East 23rd and East 24th streets. The transaction is structured as a commercial mortgage-backed securities (CMBS) loan, with the debt arranged as a single-asset, single-borrower (SASB) facility and set on a five-year term with a fixed-rate profile. The refinancing underscores SL Green’s continued access to capital markets for stabilized, trophy assets in the New York office sector.

One Madison Avenue is part of SL Green’s broader portfolio of prime Manhattan properties, an area where demand and financing terms have remained closely tied to building fundamentals, tenant quality, and lease duration. By refinancing through CMBS, SL Green is effectively extending its capital structure while maintaining exposure to one of the most liquid office markets in the U.S. The deal also reflects ongoing investor appetite for large, well-located commercial real estate collateral in major gateway cities.

The CMBS debt was originated by Wells Fargo with participation from Goldman Sachs, J.P. Morgan, Bank of America, Deutsche Bank, and Crédit Agricole. The loan is expected to close in the near term, with the refinancing priced at a spread of 181 basis points over the applicable benchmark rate.